PANAMA CITY BEACH, Florida (WJHG/WECP) -Gulf World Marine Parkis available for purchase, and NewsChannel Seven has discovered that multiple bids have already been submitted.
Wednesday, The Dolphin Company, the parent company of Gulf World, had another court hearing regarding bankruptcy. We attended the hearing and spoke with the president ofKeen-Summit Capital Partners LLC, the company hired by the Dolphin Company to sell Gulf World and some of the Dolphin Company’s other parks.
Keen-Summit is a real estate consulting company that focuses on bankruptcy and recovery situations throughout the nation and around the globe.
The company’s Principal and Co-President, Matthew Bordwin, stated that Gulf World Marine Park will be sold and transformed into a new type of business.
“It will be sold for redevelopment, and that’s what we’re focusing on,” stated Bordwin. Gulf World has been available for purchase for 10 days.
Bordwin mentions that they anticipate the property could be sold within 45 to 90 days.
“We are ready to accept offers right away, so if someone approached us the next day with a proposal we could agree on, the debtor, the company, would sign the contract and take it to court,” said Bordwin.
Since The Dolphin Company has filed for bankruptcy, the sale must be approved by a court. Agents indicate they are seeking a quick transaction.
“For instance, Panama City Beach isn’t bringing in money, so it costs the company money every day for things like insurance, security, and taxes. Therefore, a bankruptcy sale aims to speed up this process and encourage competition, as we want as many interested parties as possible,” said Bordwin.
A prime beachfront location, according to Bordwin, means Gulf World has the potential to be transformed into a hospitality, residential, or mixed-use retail development. There is no fixed price requested.
“When we reach an agreement, it must be presented to the court, which needs to approve it. The court aims to ensure that the price we obtained is the highest and most favorable. To demonstrate this, we usually conduct an auction, as anyone around the world can participate on a specific day and place bids. The highest bid is then reported to the judge,” explained Bordwin.
After the property is sold, the buyers will begin with a fresh start. “What’s beneficial for buyers is that they will receive a federal court order, granting them a clear title. So any previous issues are resolved once the judge strikes the gavel and the order is signed,” said Bordwin.
It’s not only Gulf World, Miami Seaquarium, and Marineland Dolphin Adventure in St. Augustine that are among the other Dolphin Company-owned facilities also being sold.
At the conclusion of this case, I expect the Dolphin Company to cease to exist,” stated Bordwin. “In this bankruptcy, they are selling all of their assets.
The owners of the Dolphin Company are not only selling their aquatic parks but also their animals.
As per bankruptcy court filings, “the well-being and compassionate treatment of the animals is the top priority, with the expenses related to their care being very significant while the debtors’ available funds are limited.”
The papers subsequently state, “not only will the selling and transferring of these animals add value to the Debtors’ estates, but it will also contribute to the Animals’ well-being and security.”
Gulf World Bankruptcy Case by WJHG – TV on Scribd
We contacted the Clearwater Marine Aquarium, home to four rough-toothed dolphinswere moved from Gulf Worldin June, and authorities provided us with the following statement:
Clearwater Marine Aquarium keeps offering dedicated care to these four dolphins while having meaningful discussions about their permanent living arrangements. Our main focus is their health, safety, and future welfare.
We have also verified that the Gulf World Marine Institute is affected by the sale. The nonprofit organization treats marine wildlife and is situated on Gulf World’s premises. Representatives from the Institute mention that they are still functioning but are currently determining their future actions.
(RELATED: Gulf World Marine Park to be sold under a court-related financial settlement)
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